Making Tax Digital is a government initiative to modernize the UK tax system by requiring most businesses and landlords to keep digital accounting records and submit tax information to HMRC on a quarterly basis using compatible software. It will start with VAT reporting for businesses over £85,000 in April 2019 and will expand to include other taxes for small businesses under the VAT threshold from April 2020. The goals are to make tax administration more efficient for both taxpayers and HMRC by streamlining record keeping, facilitating ongoing reporting, and improving accuracy of tax information.
Accounting basics for small business ownersGITPAC DWC LLC
Digital accounting enables the generation, flow and interpretation of financial and accounting data in electronic format.Digital accounting emerged as a project of the Federal Government to modernize the Tax and Customs Administration in 2003. From this, in 2009, was launched by the Internal Revenue Service. Digital Bookkeeping System (Sped) and the Electronic Invoice (NF-e). Finally, in 2015, the e-social, the Digital Bookkeeping System of Tax, Social Security and Labor Obligations was launched.
Lawyers, Paralegals and legal professionals have to adhere to monthly and year-end compliance rules set by Law Societies of their jurisdiction and also follow compliant financials for CRA this document explains how to get to that level of compliance in minutes
A solid bookkeeping system can help you keep accurate records for a range of your business accounts. These include analysing cash flow in and out, seeking finance, preparing annual reports and maintaining compliance to mandatory reporting.
Digitalisation of your interaction with HMRCMartin Jack
Simon will discuss some ideas around digitisation and its increasing relevance in business.
Making Tax Digital (MTD) – is this HMRC turning into Big Brother?
Social Media – not just a potential HR issue at work
The future of reporting to HMRC and how they will monitor it
Accounting basics for small business ownersGITPAC DWC LLC
Digital accounting enables the generation, flow and interpretation of financial and accounting data in electronic format.Digital accounting emerged as a project of the Federal Government to modernize the Tax and Customs Administration in 2003. From this, in 2009, was launched by the Internal Revenue Service. Digital Bookkeeping System (Sped) and the Electronic Invoice (NF-e). Finally, in 2015, the e-social, the Digital Bookkeeping System of Tax, Social Security and Labor Obligations was launched.
Lawyers, Paralegals and legal professionals have to adhere to monthly and year-end compliance rules set by Law Societies of their jurisdiction and also follow compliant financials for CRA this document explains how to get to that level of compliance in minutes
A solid bookkeeping system can help you keep accurate records for a range of your business accounts. These include analysing cash flow in and out, seeking finance, preparing annual reports and maintaining compliance to mandatory reporting.
Digitalisation of your interaction with HMRCMartin Jack
Simon will discuss some ideas around digitisation and its increasing relevance in business.
Making Tax Digital (MTD) – is this HMRC turning into Big Brother?
Social Media – not just a potential HR issue at work
The future of reporting to HMRC and how they will monitor it
Fundamental changes in Lease Accounting will have significant business implications in virtually every industry. For more details visit us at www.ugaapinc.com.
Implementation of Goods and Services Tax (GST), scheduled to take place beginning July 1, 2017.In the system of GST India GSP and ASP are playing bigger role .In the slide you can find what is GSP ,ASP and also other related information to GSPs and ASPs.
For your GST Compliance automation needs,
Call us today at 1800-270-2875 or
Visit us at www.avalara.com/in/
Looking at the latest legislation to impact on AP and Finance teams in the UK. Making Tax Digital (MTD) for VAT. Includes a look at Global trends and how technology can help.
Unlike the earlier taxation system, people before starting their business had to undergo VAR registration and get registered in each state where the business has to carry out. However, after the GST implementation, there will be a single tax and people who are willing to start a business had to get listed under GST.
All the regular taxpayers need to file the GSTR-3B and it is a monthly return.
With BTHAWK you can able to file your return. In the process of the GSTR-3B, it is considered as the summary return of the inward as well as the outward supplies that the Government of India has introduced.
Benefits of offshoring bookkeeping services for your accounting firmQX Accounting Services
Though mostly considered as a non-core task, a high-quality offshored accounting and bookkeeping service can provide accounting firms better control over its cash flow, and thereby help them make informed decisions. See how outsourced bookkeeping can benefit your accounting firm.
The implication of the GST is beyond tax and will touch upon every part of your business. New indirect tax regime will have a far-reaching effect on the pricing of products, services, supply chain optimization, accounting, IT and compliance systems.
Capium provides Cloud based Online Accounting Software for day to day needs of accountants and sme's, allows you to manage payroll, bookkeeping for free.
Resource :- https://www.capium.com
UK: Briefing Paper - Are you ready for Making Tax Digital? Alex Baulf
The UK government is going ahead with its Making Tax Digital (“MTD”) programme, starting with VAT-registered taxpayers. From 1 April 2019, businesses with a turnover above the VAT registration threshold will be required to keep specified minimum records in the VAT account and to submit the current nine- box VAT return to HMRC via Application Program Interface (“API”) software (linking either the accounting system or excel spreadsheets to the HMRC system).
Grant Thornton's Tax Software and Tax Technology teams are currently working towards developing software solutions to enable our clients to submit their nine-box VAT return online via API. In the interim, we can assist your VAT compliance function by tailoring you existing API-enabled accounting software to meet the requirements of MTD, as well as exploring other technology solutions to meet your business needs.
UK: Are you ready for Making Tax Digital (for VAT)?Ksenia Skatchkova
From 1 April 2019, businesses with a turnover above the VAT registration threshold will be required to keep specified minimum records in their VAT account and to submit the current nine-box VAT return to HMRC via Application Program Interface (API) software.
Fundamental changes in Lease Accounting will have significant business implications in virtually every industry. For more details visit us at www.ugaapinc.com.
Implementation of Goods and Services Tax (GST), scheduled to take place beginning July 1, 2017.In the system of GST India GSP and ASP are playing bigger role .In the slide you can find what is GSP ,ASP and also other related information to GSPs and ASPs.
For your GST Compliance automation needs,
Call us today at 1800-270-2875 or
Visit us at www.avalara.com/in/
Looking at the latest legislation to impact on AP and Finance teams in the UK. Making Tax Digital (MTD) for VAT. Includes a look at Global trends and how technology can help.
Unlike the earlier taxation system, people before starting their business had to undergo VAR registration and get registered in each state where the business has to carry out. However, after the GST implementation, there will be a single tax and people who are willing to start a business had to get listed under GST.
All the regular taxpayers need to file the GSTR-3B and it is a monthly return.
With BTHAWK you can able to file your return. In the process of the GSTR-3B, it is considered as the summary return of the inward as well as the outward supplies that the Government of India has introduced.
Benefits of offshoring bookkeeping services for your accounting firmQX Accounting Services
Though mostly considered as a non-core task, a high-quality offshored accounting and bookkeeping service can provide accounting firms better control over its cash flow, and thereby help them make informed decisions. See how outsourced bookkeeping can benefit your accounting firm.
The implication of the GST is beyond tax and will touch upon every part of your business. New indirect tax regime will have a far-reaching effect on the pricing of products, services, supply chain optimization, accounting, IT and compliance systems.
Capium provides Cloud based Online Accounting Software for day to day needs of accountants and sme's, allows you to manage payroll, bookkeeping for free.
Resource :- https://www.capium.com
UK: Briefing Paper - Are you ready for Making Tax Digital? Alex Baulf
The UK government is going ahead with its Making Tax Digital (“MTD”) programme, starting with VAT-registered taxpayers. From 1 April 2019, businesses with a turnover above the VAT registration threshold will be required to keep specified minimum records in the VAT account and to submit the current nine- box VAT return to HMRC via Application Program Interface (“API”) software (linking either the accounting system or excel spreadsheets to the HMRC system).
Grant Thornton's Tax Software and Tax Technology teams are currently working towards developing software solutions to enable our clients to submit their nine-box VAT return online via API. In the interim, we can assist your VAT compliance function by tailoring you existing API-enabled accounting software to meet the requirements of MTD, as well as exploring other technology solutions to meet your business needs.
UK: Are you ready for Making Tax Digital (for VAT)?Ksenia Skatchkova
From 1 April 2019, businesses with a turnover above the VAT registration threshold will be required to keep specified minimum records in their VAT account and to submit the current nine-box VAT return to HMRC via Application Program Interface (API) software.
If you are an accountant then you will already know about Making Tax Digital (MTD). While the new HMRC initiative will affect all accountants, many still have questions they would like answered. We have compiled this guide to tell you what you need to know and to offer some advice about how you can make the switch to digital as smooth as possible. Read in detail - 5 Steps to Get Making Tax Digital Ready.
Digital Transformation | The changing relationship between accountants and th...Rebecca Hallworth
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In this changing landscape how can accountants remain competitive and add value to their clients? And, what future developments are set to affect accountancy firms?
Download the full white paper for free by visiting: http://www.prodware.co.uk/resources/whitepapers/663
Understanding VAT returns in the UAE can be challenging for businesses new to its tax landscape, mainly since VAT was introduced in January 2018.
https://www.ebs.ae/vat-and-excise-returns-filing/
While bookkeeping, VAT returns and payroll are all key to many small businesses, it is payroll that the vast majority often need a hand with. This is naturally a very important aspect of any business because it deals with paying your staff. Any hiccups here can really cause problems! It is also key to get right so that HMRC have the correct information around tax and NI information for employees.
Income tax returns; how E-Filing is made easyQuicko.com
With passage of time, the E-governance has evolved significantly and in recent times we witnessed the launch of Digital India Programme with the vision to transform India into a digitally empowered society and knowledge economy.
National Tax Gap Minimization and Digital Transformation Solutions for Improved Tax Administration.
Modern TaxTech Solutions For Tax Gaps Reduction and Improved Tax Administration.
Tax gap minimization.
Increased tax revenue collection.
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info@digitaltaxtech.com www.taxtech.digital
Partnering with global tax consultants and top technology providers allows us to provide end-to-end digital tax transformation solutions that are nonintrusive and compatible with existing tax systems and business processes.
Our proven digital tax administration solutions cover the entire fiscal data lifecycle for large and complex national digital transformation projects. We use flexible technology stack enabling easy integration with legacy and third-party systems.
Our team of international experts has experience and knowledge gained from implementation of many nationwide digital transformation projects for tax administrations in various European, CIS, Middle East and African countries.
Implementation of our Digital Tax Administration Solutions can increase VAT collection up to 150%, excise collection up to 700% and move millions of self-employed out of shadows.
The difference between the revenue potential (legal) and the actual revenue collected is the “Tax Gap“.
Sources of the tax gap:
- tax evasion
- tax avoidance due to benefits
- established by law (legal tax gap)
Vat Registration UAE We Offer VAT Registration Services in UAE | Our experienced account managers Will take VAT and excise tax registration.
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Self-Assessment is the system that was created by HM Revenue & Customs (HMRC) to ensure the correct amount of tax is collected for a tax year. You should therefore check each year whether you need to submit a self-assessment tax return.
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
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Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
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2. Making Tax Digital was first announced in the March 2015
Budget as part of the government’s plan to modernize the
tax system, making it easier for businesses and individuals
to deal with their tax affairs.
It is a massive project, which will insist that most
businesses, including sole traders and landlords, keep
their accounting records using computer software. The
software will automatically update HMRC with relevant
data on business income and expenses on a quarterly
basis.
This will result in a streamlined system and see the end of
the annual tax return, transforming tax administration so
it is more effective, more efficient and easier for
taxpayers.
Since it was announced in 2015, Making Tax Digital has
undergone several changes, some of which have already
been introduced. Almost, all UK taxpayers and owners of
small businesses now have a Personal Tax Account
enabling them to check their finances and manage the
information HMRC holds about them.
What is Making Tax Digital?
3. When will it affect me?
HMRC have recognized that many small businesses
would need time to prepare for the changeover and
have revised the timetable to the following:
April 2019, businesses above the current VAT threshold
of £85,000 will be required to maintain digital records –
but only for VAT purposes.
April 2020, further roll out of Making Tax Digital is
expected to affect small businesses under the VAT
threshold.
Businesses will not be asked to keep digital records or
to update HMRC quarterly for other taxes until 2020 at
the earliest.
4. Why is HMRC introducing it?
Making Tax Digital is intended to help you better
keep track of how much tax you owe, or how much
you are due back – throughout the financial year.
Easier contact with HMRC
Making Tax Digital will make it easier for you to contact
HMRC online via webchats and secure messages.
Easier to understand
HMRC anticipates taxpayers will better understand
how much tax is owed within the digital tax account
– much like online banking.
Reduced Errors
Making Tax Digital’s new reporting function will al-
low HMRC will to look at your tax information almost
immediately, reducing human error from data input.
Accurate Tax Information
Replacing paper-based bookkeeping with digital tax
accounts will let you check the information HMRC
holds about you is 100% correct.
5. How will it work?
For individuals
The requirement for digital records will
be completed via specific software,
which will link directly with HMRC for
the purpose of submitting the data to
them.
Whilst this may include spreadsheets,
there will be no method of directly
uploading data to HMRC from the
spreadsheets, it will need to be
uploaded through approved accounting
software that has been linked with
HMRC.
For individuals who currently complete
self-assessment tax returns, these returns will
eventually be removed and tax payers will be
required to regularly check, confirm and
correct information held on their digital tax
account.
6. Help with Making Tax Digital
We fully understand what is required to manage your
business records digitally and have spent time
developing the right support services to help you
through this period of change and to ensure that you
understand what is required to manage your
business records digitally.
If you are still using paper-based records you should
seriously consider changing to a digital
system soon, making an easier transition to digital
reporting when it is introduced.
We can offer support, training or a bookkeeping
service which will ensure that you comply with all
aspects of Making Tax Digital.
For more information or to discuss how we can
assist please get in touch. Call us on 01623 238523,
email info@bfsaccountants.co.uk or visit our website
at www.bfsaccountants.co.uk.
7. Mansfield Office
The Willows
Ransom Wood Business Park
Southwell Road West
Mansfield
NottinghamshIre
NMG21 0HJ
Tel : 01623 238523
Nottingham Office
Bridgford Business Centre
29 Bridgford Road
West Bridgford
Nottingham
Nottinghamshire
NG2 6AU
Tel : 0115 735 1923
Chesterfield Office
Tapton Park Innovation Centre
Brimington Road
Chesterfield
Derybshire
S41 0TZ
Tel : 01246 541915
www.bfsaccountants.co.uk
info@bfsaccountants.co.uk